08/12/2009

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Where are all the sellers in Loudoun County! So, where have all the listing gone in Loudoun County! For the past 3 years the economic data has suggested that we were at an all time inventory high with some reports stating that we had several years worth of houses to burn off. It’s amazing the difference a year makes in the Loudoun and Fairfax County area. Here are some eye-popping facts about Loudoun that you might find interesting: · In January of this year the average days on market for a single family house was around 134 days. Currently its 73 days and falling! Townhouses that used to average 89 days are now sell in as fast as 48 days. Even condos that once took over 150 days to sell are selling within 50 days. Th The medium sales price of a single-family house in February was just under $400,00. As of July it is $463,000. · According to the Dulles Association of Realtors inventory is at a 3 year low. Did someone say supply and demand aliment? Both Fairfax and Prince William County have seen similar housing tends. So, you ask, “Where did the sellers go?” The general thought is that most sellers in the Loudoun county area who brought their homes less then 3 years ago are under water and therefore are NOT going to sell anytime soon. There is also a theory that our local economy (remember the old saying” the 3 most important things to know about Real Estate are Location, Location, Location!”) did not tank nearly as bad as everyone expected and that we will be one of the first metro areas to rebound. If you are thinking of buying there are still some deals to be had but you will need to be quick. Homes selling under $500,000 are moving very fast;...